Former San Jose Sharks CEO Greg Jamison, the main suitor for the Phoenix Coyotes for the past year, cannot produce the capital needed to purchase the team from the NHL and as a result a Jan. 31 deadline to maintain a critical lease agreement with the City of Glendale will pass without a deal being completed, multiple sources have told ESPN.com.

The ESPN report goes on to say another ownership group could step forward after the deadline, but it's questionable whether or not the City of Glendale would be willing to start over in the process seeing as how Jamison negotiated the 20-year lease agreement for Jobing.com Arena.

The Coyotes have been owned by the NHL since former owner Jerry Moyes entered into Chapter 11 bankruptcy in 2009.